Acre: A measure of land equal to 43,560 square feet
Agency: A relationship created when one person, the principal, delegates to another, the agent, the right to act on his or her behalf in business transactions and to exercise some degree of discretions while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations, and high standards of good faith and loyalty.
Appraisal: An estimate of the monetary value of a property on the open market; an estimate of a property's type and condition, its utility for a given purpose or its highest and best use.
Asking (List)Price: The price placed on a property for sale.
Assessment: The imposition of a tax, charge or lien, usually according to established rates.
Assignment: A transfer of property rights from one person to another, called the assignee.
Associate Broker: Any person employed by or on behalf of an agency to perform real estate brokerage services and licensed by the commission as an Associate Broker.
Broker: Person licensed to represent homebuyers or sellers for a fee.
Brokerage: For a commission or fee, bringing together parties interested in buying, selling, exchanging, or leasing real property.
Closing: The final transfer of the ownership of a house from the seller to the buyer, which occurs after both have met all the terms of their contract and the deed has been recorded.
Closing costs: Expenses of the sale (or loan refinancing) that must be paid in addition to the purchase price (in the case of the buyer's expenses) or be deducted from the proceeds of the sale (in the case of the seller's expenses). Some closing costs result from legal requirements; others are a matter of local custom and practice.
Commission: The compensation paid to a licensed real estate broker or by the broker to the salesperson for services rendered, usually a percentage of the selling price of the property.
Comparables: Houses and properties that are similar in style, appearance, construction quality, and usefulness to a particular property in a certain location.
Comparative Market Analysis (CMA): Realistic estimate of a home's current market value based on the most salient points of the local real estate market.
Curb Appeal: Common term for everything prospective buyers can see from the street that might make them want to take a closer look at a house for sale.
Deed: A written instrument that, when executed and delivered, conveys title to or an interest in real estate.
Equity: The interest or value that an owner has in a property over and above any indebtedness.
Exclusive right to sell (ERS): A listing agreement which gives the listing agent the right to sell the property for a specified time, with the right to collect a commission if the property is sold by anyone, including the owner, during the listing period.
Fair Market Value: The highest price an informed buyer will pay, assuming there is not unusual pressure to complete the purchase.
Fiduciary: The relationship of trust, honesty and confidence between agent and principal; the faithful relationship owed by an agent to the principal.
Listing Agreement: A written employment agreement between a property owner and a real estate broker authorizing the broker to find a buyer or a tenant for certain real property. Listing can take the form of open listings, net listings, exclusive-agency listings, or exclusive-right to-sell listings. The most common form is Exclusive Right to Sell listing.
Market Analysis: A regional and neighborhood study of economic, demographic and other factors made to determine supply and demand, market trends, and other factors important to buying/leasing and selling real property.
Market Value: The price that a willing buyer and a willing seller, both given full information, and neither under pressure to act, would agree upon. Also known a Fair Market Value.
Multiple Listing Service (MLS): A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties more quickly than they could their own.
RealtorŪ: A registered trademark term reserved for the sole use of active members of local RealtorŪ boards affiliated with the National Association of Realtors.
Real Estate Agent: A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.
Real Estate Brokerage: A Real Estate is a business in which real estate license-related activities are performed under the authority of a real estate broker.
Sales Agent: Any person employed by or on behalf of an agency to perform real estate brokerage services in a training capacity and licensed by the commission as a Sales Agent.
Sellers Agent: An agent who represents the seller of real property.
